The nonintrusive structure of the magnetic induction flowmeters makes them an ideal apparatus for measuring the flow rates of electrically conductive fluids which are corrosive or abrasive. One major short-coming of the magnetic induction flowmeters available at the present time is the high cost arising from the design feature that accurately and precisely controls the imposed magnetic field, whereby the electromotive force induced as a result of electromagnetic interaction between the imposed magnetic field and the motion of the electrically conductive media is directly proportional to the flow rate of the media. As the micro-chip based computer technology has become very widely used and quite inexpensive, an economically priced magnetic induction flowmeter can be constructed by employing the imposed magnetic field generated by a simple and inexpensive method and using a micro-chip based data analysis that isolates the net value of the induced electromotive force generated solely by the moving media.